在FRM考試中，考生需要認真?zhèn)淇?，另外有考生咨詢?a href="http://www.toadshow.net/frm/index.html" target="_blank">FRM真題練習真的很重要嗎？關于答案，當然是很重要的，下文是例題解析，隨融躍小編往下看！

Regarding of the risk anomaly, which of the following characteristics is a possible reason?

A) Investor preferences.

B) The presence of highly leveraged retail investors.

C) Lack of short selling constraints for institutional investments.

D) Lack of tracking error constraints for institutional investments.

答案：A

解析：Potential explanations for the risk anomaly include: the preferences of investors, leverage constraints on retail investors that drive them to buy pre-leveraged investments in the form of high-beta stocks, and institutional investor constraints like prohibitions against short selling and tracking error tolerance bands.

When an investor has difficulty finding a counterparty that does have sufficient funds, this is known as:

A) Agency costs.

B) Selection bias.

C) Market participation costs.

D) Search frictions.

答案：D

解析：Difficulties finding counterparty are called search frictions. For example, it may be difficult to find someone to understand/purchase a complicated structured credit product. It may also be difficult to find buyers with sufficient capital to purchase multimillion dollar office towers in major metropolitan areas.

No matter how high the transaction costs, it may take weeks, months, or years to transact in some situations. Asymmetric information can also be a type of search friction as investors search for non-predatory counterparties with which to transact.

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